Mortgage Rates Widget Historical Mortgage Rates

Mortgage rates on 30 Year Arms and 15 Year Arms jumped up this rate. 30 Year Mortgage Rates went from 5.98 to 6.08 and 15 Year rates went fom 5.55 to 5.66. Rates on 5 and 1 year ARMS remained relatively unchanged.

May 29,2008
30-yr 6.08 15-yr 5.66 5-yr ARM 5.62 1-yr ARM 5.22

May 22,2008
30-yr 5.98 15-yr 5.55 5-yr ARM 5.61 1-yr ARM 5.24

May 15, 2008
30-yr 6.01 15-yr 5.60 5-yr ARM 5.57 1-yr ARM 5.18

May 8, 2008
30-yr 6.05 15-yr 5.60 5-yr ARM 5.67 1-yr ARM 5.29

May 1, 2008
30-yr 6.06 15-yr 5.59 5-yr ARM 5.73 1-yr ARM 5.29

So using our free mortgage calculator lets see what these numbers translate into for a 200k mortgage.

May 29th
30-yr $1209.4
15-yr $1651.19
5-yr ARM $1150.68
1-yr ARM $1167.36

May 22th
30-yr $1196.53
15-yr $1639.47
5-yr ARM $1149.41
1-yr ARM $1103.16

Since the FED has signaled that they are not going to continue to cut rate I expect rates to go higher over the course of the summer. Here are rates over the last few weeks.

Ki is a realtor working with investors in the Austin real estate market. He provides visitors a graphical search of the Austin MLS and updated commentary on the market on his Austin real estate blog.

Mortgage Interest Rates Historical Mortgage Rates

Mortgages rates fell this week for 30 Year loan (6.01 to 5.98) and 15 year rates (5.6 to 5.55). Rates on 5 and 1 year arms increased (5.57 to 5.61 and 5.18 to 5.24) respectivly. Another interesting point is that 30 Year rates have now fallen for 4 weeks in a row which is an encouraging sign although it would be nice to have seen rates fall a little more.

May 22,2008
30-yr 5.98 15-yr 5.55 5-yr ARM 5.61 1-yr ARM 5.24

May 15, 2008
30-yr 6.01 15-yr 5.60 5-yr ARM 5.57 1-yr ARM 5.18

May 8, 2008
30-yr 6.05 15-yr 5.60 5-yr ARM 5.67 1-yr ARM 5.29

May 1, 2008
30-yr 6.06 15-yr 5.59 5-yr ARM 5.73 1-yr ARM 5.29

So what would these rates translate into for a mortgage. Using our free mortgage calculator lets run some numbers.

Using our free mortgage calculator lets run the numbers on a 200k Loan

May 15th
30-yr $1196.53
15-yr $1639.47
5-yr ARM $1149.41
1-yr ARM $1103.16

May 15th
30-yr $1200.38
15-yr $1711.46
5-yr ARM $1144.37
1-yr ARM $1095.75

At this point I would still favor a 30 Year loan over an arm. But getting an arm over a 30 Year arm you would only save $47.12 which considering rates will probably be higher when the loan resets does not really seem worth it.

Ki works with buyers and sellers in the Austin real estate market. His site has a free search of the Austin MLS along with information on his Austin real estate blog.

Mortgage Interest Rates Historical Mortgage Interest Rate

Here is a breakdown for the last few weeks.

May 15, 2008
30-yr 6.01 15-yr 5.60% 5-yr ARM 5.57 1-yr ARM 5.18

May 8, 2008
30-yr 6.05 15-yr 5.60% 5-yr ARM 5.67 1-yr ARM 5.29

May 1, 2008
30-yr 6.06 15-yr 5.59% 5-yr ARM 5.73 1-yr ARM 5.29

April 24th, 2008
30-yr 6.03 15-yr 5.62% 5-yr ARM 5.68 1-yr ARM 5.29

So what would these rates translate into for a mortgage. Using our free mortgage calculator lets run some numbers.

Using our free mortgage calculator lets take a look at what the mortgage payment would be for a 200k loan. The mortgage payment is $1.29 less than what it would have been last week. Considering that the FED cut rates I was a little dissappointed. I was hoping for rates to drop a little more this week.

May 15th
30-yr $1200.38
15-yr $1711.46
5-yr ARM $1144.37
1-yr ARM $1095.75

May 8th, 2008
30-yr $1205.53
15-yr $1711.46
5-yr ARM $1157
1-yr ARM $1109.36

Ki helps clients in the Austin real estate market. His site has a free search of the Austin MLS along with information on his Austin real estate blog.

Mortgage interest rates remained relatively unchanged for the second week in a row.

Mortgage Interest Rates Historical Mortgage Rates

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April 10th, 2008
30-yr 5.88 15-yr 5.42% 5-yr ARM 5.56 1-yr ARM 5.19

April 3rd, 2008
30-yr 5.88 15-yr 5.42% 5-yr ARM 5.59 1-yr ARM 5.18

March 27th, 2008
30-yr 5.85 15-yr 5.34% 5-yr ARM 5.67 1-yr ARM 5.24

So what is going on? The FED has been attempting to stimulate the economy by cutting the FED Funds rate. But the first few times the fed cut rates in 2008 banks did not respond by lowering mortgage interest rates. Since this is one of the main tools the FED uses to influence the economy and mortgage rates this was a cause for concern. If the FED losing its influence over mortgage rates would be another negative factor weighing on an already weakened economy. In the beginning of March their were some pronouncements from analysts that we should expect more FED rate cuts but we should not expect to see lower mortgage rates.

But then after the latest fed cut on March 18th mortgage rates fell from 6.13 to 5.87. So what has happened since then? Basically, in the absence of further rate cuts by the FED, mortgage rates have remained relatively constant. In the midst of lots of bad news for the national real estate market this is actually a good sign that banks are apparently happy with the spread between the fed rate and mortgage rates. Hopefully future fed cuts (and it seems apparent at this point the fed will continue to cut rates) will result in lower mortgage rates.

Ki works as a realtor in Austin. He runs a site about Austin real estate which provides a free search of the Austin MLS and a free mortgage calculator.